BIT Mining Ltd. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>BIT Mining Ltd. filed its 20-F annual report for the fiscal year ended December 31, 2023, detailing financial performance and corporate history.</b>

AI Summary

BIT Mining Ltd (SLAI) filed a Foreign Annual Report (20-F) with the SEC on May 15, 2024. BIT Mining Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company was formerly known as 500.com Ltd and 500wan.com Ltd. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key dates mentioned include a subsequent event on March 27, 2024, and a prior event on August 19, 2022. The filing references various financial statement items, including prepaid expenses, related party transactions, and data center operations.

Why It Matters

For investors and stakeholders tracking BIT Mining Ltd, this filing contains several important signals. This filing provides investors with the company's official financial statements and disclosures for the 2023 fiscal year, enabling assessment of its performance and financial health. The historical company name changes (500.com Ltd, 500wan.com Ltd) are noted, which is important for understanding the company's evolution and potential legacy issues.

Risk Assessment

Risk Level: medium — BIT Mining Ltd shows moderate risk based on this filing. The filing is a 20-F, which is a standard annual report for foreign private issuers, but the lack of specific financial performance data within the provided text makes a definitive sentiment assessment difficult.

Analyst Insight

Review the full 20-F filing to analyze BIT Mining Ltd.'s financial performance, operational segments, and any disclosed risks or strategic initiatives for the 2023 fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
• 2024-05-15 — Filing Date (Date the 20-F was submitted to the SEC)
• 001-36206 — SEC File Number (SEC registration number for BIT Mining Ltd.)
• 0001517496 — Central Index Key (SEC EDGAR identifier for BIT Mining Ltd.)

Key Players & Entities

• BIT Mining Ltd. (company) — Filer of the 20-F
• 500.com Ltd (company) — Former company name
• 500wan.com Ltd (company) — Former company name
• Fine Success Ltd (company) — Former company name
• 2024-05-15 (date) — Filing date of the 20-F
• 2023-12-31 (date) — Fiscal year end
• 2024-03-27 (date) — Subsequent event date
• 428 SOUTH SEIBERLING STREET (address) — Business and mailing address

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F.
• 2024-05-15: Filing Date — The date BIT Mining Ltd. submitted its 20-F to the SEC.
• 2024-03-27: Subsequent Event — A significant event that occurred after the fiscal year-end but before the filing date.

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) from foreign private issuers. (This filing provides comprehensive financial and operational information for the fiscal year.)

Key Financial Figures

• $0.00005 — Class A ordinary shares, par value US$0.00005 per share * American Depositary Shares
• $4.3 million — h to the former VIEs of approximately US$4.3 million and approximately US$1.4 million, respe
• $1.4 m — tely US$4.3 million and approximately US$1.4 million, respectively, through intercompa
• $2,000 — h to the former VIEs of approximately US$2,000 and approximately US$0.4 million, respe
• $0.4 m — roximately US$2,000 and approximately US$0.4 million, respectively, through short-term
• $1.3 million — y-owned subsidiaries of approximately US$1.3 million and approximately US$29.3 million, resp
• $29.3 m — tely US$1.3 million and approximately US$29.3 million, respectively, pursuant to the fo
• $66.8 m — ansferred cash to its subsidiaries of US$66.8 million, approximately US$37.0 million an
• $37.0 million — ies of US$66.8 million, approximately US$37.0 million and approximately US$2.5 million, respe
• $2.5 m — ely US$37.0 million and approximately US$2.5 million, respectively, through intercompa
• $2.2 m — erred assets with aggregate values of US$2.2 million, US$9.2 million and US$6.3 millio
• $9.2 million — h aggregate values of US$2.2 million, US$9.2 million and US$6.3 million, respectively, to it
• $6.3 m — of US$2.2 million, US$9.2 million and US$6.3 million, respectively, to its subsidiarie
• $2.4 m — erred assets with aggregate values of US$2.4 million, US$9.0 million and US$9.3 millio
• $9.0 million — h aggregate values of US$2.4 million, US$9.0 million and US$9.3 million, respectively, to BI

Filing Documents

• btcm-20231231x20f.htm (20-F) — 4298KB
• btcm-20231231xex2d4.htm (EX-2.4) — 158KB
• btcm-20231231xex4d12.htm (EX-4.12) — 73KB
• btcm-20231231xex4d13.htm (EX-4.13) — 36KB
• btcm-20231231xex8d1.htm (EX-8.1) — 5KB
• btcm-20231231xex11d2.htm (EX-11.2) — 66KB
• btcm-20231231xex12d1.htm (EX-12.1) — 13KB
• btcm-20231231xex12d2.htm (EX-12.2) — 15KB
• btcm-20231231xex13d1.htm (EX-13.1) — 9KB
• btcm-20231231xex13d2.htm (EX-13.2) — 8KB
• btcm-20231231xex15d1.htm (EX-15.1) — 2KB
• btcm-20231231xex97d1.htm (EX-97.1) — 40KB
• btcm-20231231xex4d13001.jpg (GRAPHIC) — 26KB
• btcm-20231231xex4d13002.jpg (GRAPHIC) — 20KB
• btcm-20231231x20f003.jpg (GRAPHIC) — 67KB
• btcm-20231231xex4d12001.jpg (GRAPHIC) — 26KB
• 0001104659-24-061925.txt (&nbsp;) — 21025KB
• btcm-20231231.xsd (EX-101.SCH) — 142KB
• btcm-20231231_def.xml (EX-101.DEF) — 676KB
• btcm-20231231_lab.xml (EX-101.LAB) — 982KB
• btcm-20231231_cal.xml (EX-101.CAL) — 143KB
• btcm-20231231_pre.xml (EX-101.PRE) — 1000KB
• btcm-20231231x20f_htm.xml (XML) — 4232KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents Table Of Contents PAGE PART I 5 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 5 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 5 ITEM 3. KEY INFORMATION 5 ITEM 4. INFORMATION ON THE COMPANY 45 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 58 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 74 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 81 ITEM 8. FINANCIAL INFORMATION 82 ITEM 9. THE OFFER AND LISTING 82 ITEM 10. ADDITIONAL INFORMATION 83 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 89 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 89 PART II 92 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 92 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 92 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 92 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 93 ITEM 16B. CODE OF ETHICS 94 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 94 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 94 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 94 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 94 ITEM 16G. CORPORATE GOVERNANCE 95 ITEM 16H . MINE SAFETY DISCLOSURE 95 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 95 ITEM 16J. INSIDER TRADING POLICIES 95 ITEM 16K. CYBERSECURITY 95 PART III 96 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 19. EXHIBITS 97 Table of Contents CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F Unless otherwise indicated, references in this annual report on Form 20-F to: "ADRs" are to the American depositary receipts, which, if issued, evidence our ADSs; "ADSs" are to our American depositary shares, each of which represents hundred (100) Class A ordinary shares; "China" and the "PRC" are to the People's Republic of China; "consolidated affiliated entities" refers to the former consolidated affiliated entities of our Company, namely, Loto Interactive Limited, or Loto Interactive, which was disposed of by the Company on July 25, 2022, and other intermediate holding companies. "ordinary shares" are to our ordinary shares, par value US$0.00005 per share; "RMB" and "Renminbi" are to the legal currency of China; "US$" and "U.S. dollars" are to the legal currency of the United States; "We," "us," "our company," "our," "the Group" or "the Company" are to BIT Mining Limited, its predecessor entities and its consolidated affiliated subsidiaries. Our business is primarily conducted in Hong Kong and the United States, and all of our revenues have been denominated in U.S. dollars since the third quarter of 2021, to reduce the impact of increased volatility of the U.S. dollar to Renminbi exchange rate on the Company's reported operating results. The Company believes that alignment of the reporting currency with underlying operations will better depict the Company's results of operations for each period. The related financial statements prior to July 1, 2021 have been recast to U.S. dollars as if the financial statements originally had been presented in U.S. dollars since the earliest period presented. Our ADSs, each representing one hundred (100) of our Class A ordinary shares, are listed on the NYSE under the Company's English name "BIT Mining Limited," and its ticker symbol "BTCM." Before April 20, 2021, our ADSs were list

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not Applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not Applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION Holding Company Structure BIT Mining Limited, our ultimate Cayman Islands holding company, does not have substantive operations other than (1) holding certain of our digital assets in connection with our cryptocurrency mining business and (2) indirectly holding the equity interest in our subsidiaries in Hong Kong, British Virgin Islands, Canada, Malta, Cyprus, Curacao, the United States and China. As of the date of this annual report, (i) we do not have revenue-generating operations in China, and our remaining operations in China primarily involve the provision of administrative support to our cryptocurrency mining business as well as the provision of internal information technology services to our operating entities and mining pools outside China; and (ii) we do not maintain any variable interest entity structure in China. Adverse actions by the Chinese government may potentially force us to cease our administrative support and internal information technology services from China to your international cryptocurrency mining business. We have developed Ethereum Classic mining operation in Hong Kong, but have no plan to further expand such Hong Kong-based operation. This is because we are focusing on growing our cryptocurrency mining operations in the United States. In 2021, 2022 and 2023, our operations in Hong Kong generated approximately 1.5%, 5.3% and nil, of our total revenue from continuing operations and discontinued operations for such year. As used in this annual report, "we," "us," "our company" or "our" refers to BIT Mining Limited, a Cayman Islands exempted company and its subsidiaries. Investors in our ADSs are purchasing equity interest in a Cayman Islands holding company. 5 Table of Contents The following diagram illustrates our company's organizational structure, and the place of formation, ownership interest and affiliation of each of our principal subsidiaries and affiliated entities as of the date of this annual report

Risk Factors

Risk Factors Risks Related to Our Business and Industry It may be or become illegal to acquire, own, hold, sell or use cryptocurrencies, participate in the blockchain, or transfer or utilize similar cryptocurrency assets in China or international markets where we operate due to adverse changes in the regulatory and policy environment in these jurisdictions. Our blockchain and cryptocurrency mining business could be significantly affected by, among other things, the regulatory and policy developments in international markets where we operate, such as the United States and Hong Kong. Governmental authorities are likely to continue to issue new laws, rules and regulations governing the blockchain and cryptocurrency industry we operate in and enhance enforcement of existing laws, rules and regulations. Due to regulatory and policy developments in China, we developed our international operations and migrated our cryptocurrency operations to international markets. We may be subject to restrictions relating to the transfer of cryptocurrency mining machines out of China, as China has recently strengthened regulations on exports of goods, technology and services. Specifically, for computers and related components used in cryptocurrency mining machines, exporting enterprises should carefully evaluate whether the mining machines, their components, and any data or information contained therein are subject to export restrictions, and therefore are required to go through relevant export licensing procedures before such mining machines can be transported out of China. The relevant restrictions that apply to the transfer of cryptocurrency mining machines by us include, but are not limited to, the Catalogue of Goods Prohibited from Export, the Catalogue of Goods Subject to Export License Management, the Catalogue of Technologies Prohibited from Export and Restricted from Export in China, the Catalogue for the Administration of Import and Export Licenses of Dual-use Items and

View Full Filing

View this 20-F filing on SEC EDGAR